Nov. 12–Gas prices are racing towards a low for 2018 after dropping a few more cents over the weekend.
Orlando has one of the cheapest fuel prices in the state, only about 3 cents higher than Tampa Bay where fuel barges unload from Gulf Coast refineries. And gas prices here are about 28 cents a gallon cheaper than consumers pay in places such as West Palm Beach.
Here’s a look at exactly how low gas prices have fallen in Central Florida.
That’s how much Orlando consumers are paying for a gallon of regular unleaded gasoline this week, dropping seven cents over the last week.
That’s 12 cents lower than the state average of $2.56 and way less than the national average of $2.69.
Gas prices usually drop this time a year because refineries have switched over to winter blends of fuel that are less environmentally friendly. Summer blends have to be better for the atmosphere because smog chances increase with warmer weather.
It has been 243 days since Orlando drivers have seen gas at these prices, way back on March 13. It’s also close to the low of the year of $2.39 a gallon on Jan. 10.
But that’s not the best news. Many gas stations are selling fuel in the area for $2.31, providing pressure that should continue to bring prices lower.
“Florida motorists are beginning to find some of the lowest gas prices they’ve seen since March,” said a statement from Mark Jenkins, spokesman for AAA — The Auto Club Group. “The price of producing gasoline has dramatically declined during the past month, thanks to concerns of lower global demand and strong fuel supply and production.”
Could gas prices drop below the golden $2 a gallon mark this year? Jenkins said prices could drop another 10 to 20 cents before the end of 2019. $2.44 is still a long ways from $2, but way better than the $2.89 folks were paying to gas up in May.
It will all depend on the price of oil.
Crude oil prices have dropped 18 percent since Oct. 3, when fears of production cutbacks by OPEC partners drove the cost for a barrel of oil to more than $75. Crude oil prices dropped to near $60 a barrel last week but were up slightly early Monday.
“The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up,” said a statement from Gasbuddy senior petroleum analyst Patrick DeHaan.
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